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- Late Payment Charge - |
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When a loan agreement or credit card contract is entered into, the borrower agrees to make a payment at a fixed frequency. With loans, this is usually a set, unchanging amount on a certain day of every month. With credit cards, it is a minimum payment, which is a percentage of the owed amount, payable before a date of every month (but larger amounts can be paid off if desired). Failure to meet either requirement can cause the lender to issue a fine called a late payment charge, which can either be a set fine or a percentage of the outstanding balance. The fines are not usually payable immediately; they will be added to the balance and incur interest of their own, so it is best to make sure payments are made on time.
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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